Portofino Resources successfully completes acquisition of Yergo project
In Argentina, Portofino Resources (TSX.V: POR, FSE: POTA, WKN: A2PBJT) started this summer to take over the Yergo lithium project within the framework of an option deal. This process, which was accompanied by a private placement among other things, has now been successfully completed.
With the full completion of the purchase, Portofino Resources now controls 100 per cent of the 2,932-hectare Yergo project and thus has access to the entire Aparejos Salar. Even a cursory glance at the map shows what a gem has been acquired here, as Zijin Mining is developing the Salar Tres Quebradas, the so-called 3Q project, a mere nine kilometres away.
Portofino’s exploration team believes that the formation of the lithium-bearing brines of the Yergo lithium project and Zijin Mining’s 3Q project may be related. Historical volcanic activity between the projects could have been responsible for the formation of the lithium-bearing solutions deposited in the saline basins.
The Chinese acquired the 3Q project from NeoLithium Corp in 2022 for 960 million Canadian dollars (CAD). Current events at Alpha Lithium are also of great interest in this context, as Alpha Lithium has increased its resource at the Tolillar Solar in Argentina by 70 per cent and is now the focus of Caravell Capital, which wants to acquire the company.
Portofino Resources is gaining the attention of influential lithium investors
As things stand, it would be presumptuous to claim with certainty that Portofino Resources will follow a similar trajectory as Alpha Lithium. But there is no doubt that the big players in the lithium sector are interested in promising projects in Argentina.
The significant increase in private placement that Portofino was recently able to report points in the same direction. It too speaks to the fact that not only Argentina itself, but also Portofino Resources is now enjoying greater attention.
The next steps for the development of the project are in the pipeline
Commenting on the completion of the purchase formalities, Portofino Resources CEO David Tafel said, “We are very pleased to complete this transaction as it ensures 100% ownership of the Yergo Lithium Project concessions. Our team looks forward to working with the Ministry of Mines in Catamarca to expedite the application for a drilling permit with the goal of commencing a drilling programme this autumn. I would also like to thank everyone involved in the completion of this transaction.”
At the project, Portofino Ressources completed a geophysical survey, identifying two large aquifers measuring approximately 2.3km by 1km and 1.8km by 2.5km. Surface samples taken returned values up to 373 mg/l lithium and 7,160 mg/l potassium with a remarkably low magnesium to lithium ratio in the order of 1.51.
Conclusion: This preliminary exploration has brought the project to a drill-ready stage. Portofino’s technical team has identified four priority drill targets to be reviewed as soon as permits are received. This lays the groundwork for an appealing development of the project.
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